The check's in the mail, and it's about time. The NY Post writes that Irving Picard, the trustee in charge of cleaning up Bernie Madoff's multibillion-dollar Ponzi scheme, was given the OK yesterday to start doling out some of the $7.6 billion he's collected in the fallout of the $65 billion stock fraud.
New York bankruptcy judge Burton Lifland approved Picard's request yesterday to put some $2.6 billion in a customer fund, from which he will start making distributions.
Checks from that account will then be mailed to some 1,224 account holders in the fourth quarter of this year -- close to three years after Madoff confessed to the biggest fraud in history.
How much will cheated investors get for the holidays? Just 4 percent of the total monies collected, or $272 million, for an average payment of $222,551.
That's pennies compared to the estimated $20 billion in principal lost -- $65 billion if you count phantom profits….
Read more at http://www.nypost.com/p/news/business/madoff_refund_checks_hitting_mailboxes_wnFnmNjD3e6U07eZ1h8ajL
No comments:
Post a Comment